Corebridge Financial Inc. Has $2.75 Million Stake in Workiva Inc. (NYSE:WK)

Corebridge Financial Inc. reduced its stake in shares of Workiva Inc. (NYSE:WK) by 7.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,111 shares of the software maker’s stock after selling 1,895 shares during the quarter. Corebridge Financial Inc.’s holdings in Workiva were worth $2,750,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of WK. Nordea Investment Management AB bought a new position in Workiva during the 4th quarter worth approximately $59,894,000. Groupama Asset Managment bought a new position in shares of Workiva during the third quarter worth $381,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Workiva during the third quarter worth $18,000,000. Janus Henderson Group PLC grew its holdings in shares of Workiva by 839.8% in the 3rd quarter. Janus Henderson Group PLC now owns 213,831 shares of the software maker’s stock valued at $16,919,000 after buying an additional 191,078 shares during the period. Finally, Conestoga Capital Advisors LLC increased its position in shares of Workiva by 13.7% in the 4th quarter. Conestoga Capital Advisors LLC now owns 1,165,019 shares of the software maker’s stock valued at $127,570,000 after buying an additional 140,310 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

Workiva Price Performance

Shares of WK opened at $75.87 on Tuesday. The company has a market cap of $4.26 billion, a PE ratio of -82.47 and a beta of 1.09. The firm has a 50-day moving average of $90.84 and a 200-day moving average of $92.48. Workiva Inc. has a one year low of $65.47 and a one year high of $116.83.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on WK shares. BMO Capital Markets decreased their target price on Workiva from $120.00 to $108.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Robert W. Baird lifted their price objective on Workiva from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Stephens assumed coverage on Workiva in a research note on Wednesday, March 19th. They set an “overweight” rating and a $111.00 target price for the company. Citigroup lifted their price target on shares of Workiva from $128.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. Finally, The Goldman Sachs Group lowered their price objective on shares of Workiva from $132.00 to $118.00 and set a “buy” rating for the company in a research report on Friday. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.38.

Insider Activity at Workiva

In other news, CFO Jill Klindt sold 5,593 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $85.04, for a total value of $475,628.72. Following the transaction, the chief financial officer now directly owns 119,054 shares of the company’s stock, valued at $10,124,352.16. This represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael D. Hawkins sold 10,421 shares of Workiva stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $85.43, for a total transaction of $890,266.03. Following the sale, the executive vice president now directly owns 61,298 shares of the company’s stock, valued at $5,236,688.14. The trade was a 14.53 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 21,129 shares of company stock worth $1,807,333. Insiders own 3.86% of the company’s stock.

About Workiva

Workiva Inc, together with its subsidiaries, provides cloud-based reporting solutions in the United States and internationally. The company offers Workiva platform, a multi-tenant cloud software that provides data linking capabilities; audit trail services; administrators access management; and allows customers to connect data from multiple enterprise resource planning, human capital management, and customer relationship management systems, as well as other third-party cloud and on-premise applications.